Buying Buzz: Freshworks Inc. [FRSH] Member of 10% owner group Accel Leaders 3 GP Associates purchases 439,708 shares of the company

The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Freshworks Inc. shares valued at $6,446,119 were purchased by Accel Leaders 3 GP Associates on Sep 20. At $14.66 per share, Accel Leaders 3 GP Associates acquired 439,708 shares. The insider’s holdings grew to 1,658,273 shares worth approximately $23.28 million following the completion of this transaction.


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Also, GANDHI SAMEER K purchased 439,708 shares, netting a total of over 6,446,119 in proceeds. Following the buying of shares at $14.66 each, the insider now holds 1,658,273 shares.

Before that, GANDHI SAMEER K had added 346,103 shares to its account. In a trade valued at $5,115,402, the Director bought Freshworks Inc. shares for $14.78 each. Upon closing the transaction, the insider’s holdings increased to 346,103 shares, worth approximately $17.68 million.

As published in their initiating research note from Scotiabank on June 09, 2022, Freshworks Inc. [FRSH] has been a Sector perform. Analysts at Wolfe Research started covering the stock with ‘”an Outperform”‘ outlook in a report released in mid October. As of October 18, 2021, Robert W. Baird has initiated its “an Outperform” rating for FRSH. Earlier on October 18, 2021, Raymond James initiated its rating. Their recommendation was “a Mkt perform” for FRSH stock.

Analyzing FRSH’s Price Performance

On Wednesday, Freshworks Inc. [NASDAQ: FRSH] plunged -3.44% to $14.04. The stock’s lowest price that day was $14.01, but it reached a high of $14.77 in the same session. During the last five days, there has been a drop of approximately -11.36%. Over the course of the year, Freshworks Inc. shares have dropped approximately -46.53%. A 50-day SMA is recorded $14.20, while a 200-day SMA reached $17.74. Nevertheless, trading volume fell to 1.3 million shares from 2.09 million shares the previous day.

Support And Resistance Levels for Freshworks Inc. (FRSH)

According to the 24-hour chart, there is a support level at 13.78, which, if violated, would cause prices to drop to 13.51. In the upper region, resistance lies at 14.54. The next price resistance is at 15.03. RSI (Relative Strength Index) is 46.66 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.12, which suggests the price will decrease in the coming days. Percent R is at 61.05%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

Is Freshworks Inc. subject to short interest?

Stocks of Freshworks Inc. saw a sharp rise in short interest on Jul 14, 2022 jumping by 3.52 million shares to 16.13 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 12.61 million shares. A jump of 21.82% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 4.54 of the overall float, the days-to-cover ratio (short ratio) jumped to 4.54.

Which companies own the most shares of Freshworks Inc. (FRSH)?

According to Ward Ferry Management Ltd. filings, the company currently owns 11,595,886 shares, which is about 7.98% of the total FRSH shares outstanding. The investor’s shares have appreciated by 4,866,700 from its previous 13-F filing of 6729186.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $123,068,466. A total of -61,426 shares of Freshworks Inc. were bought by AllianceBernstein LP during the quarter, and 531,231 were bought by Tiger Global Management LLC. In its current portfolio, Meritage Group LP holds 2,914,703 shares valued at $39.67 million.

In terms of Freshworks Inc. share price expectations, FactSet research, analysts set an average price target of $18.00 in the next 12 months, up nearly 16.92% from the previous closing price of $14.54. Analysts anticipate Freshworks Inc. stock to reach $25.00 by 2022, with the lowest price target being $14.00. In spite of this, 14 analysts ranked Freshworks Inc. stock as an Overweight at the end of 2022. On October 18, 2021, Piper Sandler assigned a price target of “an Overweight” to the stock and initiated coverage with a $50.

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